Looking to diversify beyond OWMBX? The mutual funds below have the lowest correlation with OWMBX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from OWMBX.
Best Diversifiers for OWMBX
9 mutual funds have low correlation with OWMBX (below 0.3), 0 of which are negatively correlated. The least correlated is Federated Hermes Conservative Municipal Microshort Fund (FHMIX) (Municipal Bonds) with a 1Y correlation of 0.04, roughly unchanged from 0.11 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Federated Hermes Conservative Municipal Microshort... | 0.04 | 0.14 | 0.11 | 99 | Municipal Bonds | OWMBX vs FHMIX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | 0.09 | 0.10 | 0.10 | 99 | Municipal Bonds | OWMBX vs TFCYX | |
| Cavanal Hill Ultra Short Tax-Free Income Fund | 0.14 | 0.10 | 0.21 | 99 | Municipal Bonds | OWMBX vs APUSX | |
| abrdn Ultra Short Municipal Income Fund | 0.16 | 0.13 | 0.16 | 99 | Municipal Bonds | OWMBX vs ATOIX | |
| DFA Short Term Municipal Bond Portfolio | 0.17 | 0.25 | 0.39 | 99 | Municipal Bonds | OWMBX vs DFSMX |
See all 21 diversifiers for OWMBX
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